Internal control system as a mechanism for effective fund management of universities in Bayelsa State, Nigeria

Abstract

The study examined the internal control system as a tool for effective fund management of universities in Bayelsa State, Nigeria. Due to the dwindling revenue allocation from the Federation account couple with the economic recession which gave birth to the inadequate funding of the universities by federal and state government which has led to strikes by teaching and non-teaching staff, dearth of equipment, facilities, dilapidated structures and indiscipline among staff and students which has prompt us to choose the topic: Internal control system as a mechanism for effective fund management of universities in Bayelsa State. To this end, the paper addressed the following areas which include; funds and sources of funds, challenges of school funds, and the rationale for funds management. The paper analysed the effect of internal control system on effective fund management in Bayelsa State Universities and proffers some remedies in tackling the menace of poor fund management as follows; introduction of internal auditing approaches to manage financial resources in universities for proper maintenance of school properties, adequate provision of infrastructural facilities, and proper management of school funds in order to achieve the aim and objectives of establishing such institutions. The researchers also recommended the monitoring of the laid down internal control procedures and safe keeping of all financial records/reports and yearly publication of same (financial reports).

Keywords: Education, Management, Funds, Resources, Challenges, and Internal Control System